Berger Asset Management bought a seven-acre office park in the O’Hare submarket, with plans to redevelop and lease up the sprawling complex.
The Chicago-based real estate investment firm paid $9.4 million for the 165,000-square-foot property, according to Crain’s.
Led by founder Jonathan Berger, the company acquired the 12-building InterPark Corporate Center from West Des Moines, Iowa-based Athene Annuity & Life, which seized the property after the previous owner defaulted on a $15.3 million loan. The sprawling location is at 8601-8623 West Bryn Mawr Avenue and 8600-8622 West Catalpa Avenue.
Berger will spend up to $5 million to redevelop and leas up the complex, which he’s rebranded Concourse Chicago, he told Crain’s. He secured a $9.5 million loan for the acquisition and renovations.
The property’s previous owner, JCF Real Estate, emptied half the buildings in the office park in order to build a seven-story, 394-unit apartment building. But that project fell victim to problems with financing, and JCF eventually lost the property in foreclosure.Recommend0 recommendationsPublished in